Indiabulls Housing up 10% on withdrawal of PIL in fund siphoning off case

Shares of Indiabulls Group companies soared up to 16 per cent from their respective intra-day lows on the BSE  on Thursday after Abhay Yadav, the petitioner who had filed a public interest litigation (PIL) against the housing finance major for siphoning off funds worth Rs 98,000 crore, withdrew the writ petition in Supreme Court.

Following the announcement by Indiabulls Housing Finance, its stock rallied 10 per cent to Rs 686 per share, bouncing back 16 per cent from its intra-day low of Rs 589 on the BSE.

Meanwhile, Indiabulls Ventures surged 12 per cent to Rs 293 apiece, recovering 16 per cent from the low of Rs 253. Indiabulls Real Estate and Indiabulls Integrated Services, too, inched up 5 to 7 per cent, gaining up to 12 per cent from intra-day lows on the BSE.

In the past three trading days, till Wednesday, most of the Indiabulls Group stocks fell in the range of 11 to 25 per cent after the development came out in public domain.

Refuting charges of misappropriation of funds by Sameer Gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation was "bizzare" and was meant to malign the reputation of the company.

Abhay Yadav, in his affidavit filed today, mentioned that he was not aware of the contents and allegations mentioned in the complaints or the petition.

"I now realise that such papers, affidavits, applications etc. were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions,” Yadav said. CLICK HERE TO READ PRESS RELEASE

Lakshmi Vilas Bank, too, gained 10 per cent to Rs 68, bouncing back 13 per cent from its early morning low of Rs 60 on the BSE.